Eoghan Murphy (Dublin South East, Fine Gael)
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Question 149: To ask the Minister for Finance further to Parliamentary Question No. 76 of 5 April 2011, if he will provide a summary of those areas or issues he understands that the provision in the National Asset Management Agency Act 2009 to contribute to the social and economic development of the State will apply to. [9541/11]

Michael Noonan (Limerick City, Fine Gael)
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NAMA has a commercial remit and its overriding objective is to generate a return for the taxpayer. However, within the context of its commercial remit and consistent with section 2 of the National Asset Management Agency Act 2009, NAMA is at all times open to considering proposals aimed at contributing to broader social and economic objectives. This includes facilitating public bodies in the creation of vibrant sustainable communities. The NAMA Board has also committed to giving first option to State bodies on the purchase of property which may be suitable for their purposes where these bodies have requirements such as schools, parks, and so on. NAMA assures me that it will play a key social and economic role by regenerating activity in the property market through its asset sales strategy and through its provision of liquidity to the banks in the form of NAMA securities which can be used as collateral for funding.

Indeed, I understand that both the Minister for Housing and Planning and officials of the Department of Environment, Heritage and Local Government have had discussions with NAMA on the issue of social and affordable housing in order to explore potential solutions which would enable such housing to be provided on a commercial basis. NAMA has also engaged with the Minister and with the Department on the issue of unfinished housing estates.